Only so many home owners can refinance and credit is getting tighter.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended October 15 decreased 10.5 percent. The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was up 0.4 percent.
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Demand for home refinancing loans fell for the sixth time in seven weeks. The MBA's seasonally adjusted index of refinancing applications decreased 11.2 percent